Aristocrat Leisure Limited, the well-known Australian company which supplies slot games for land-based and online casinos, has announced that it will boost its online arm with the acquisition of NeoGames for 1.2 billion dollars.
The Australian company agreed to pay 29.50 dollars per share in what will be an all-cash transaction. The price is around 104 percent over the average price of NeoGames shares over the past three months.
The agreement between the two parties will see NeoGames hand over its statutory seat and registered office from Luxembourg to the Cayman Islands. Then, a subsidiary of Aristocrat would merge with NeoGames and create a new wholly owned subsidiary of Aristocrat Leisure Limited.
The board of directors of NeoGames approved the deal unanimously, while the company’s shareholders executed a support agreement with Aristocrat and voted in favor of the sale. The deal is still subject to regulatory approvals but it is expected to be fully closed within a year.
NeoGames was founded in 2005 in Malta and was at first famous for creating online scratchcards and instant win games. Then the company also developed its capability of creating online slot games and delivered several successful titles to its online casino partners.